New Build Construction Still Spotty
According to a leading new home analyst, there is little evidence to suggest that the new-home segment of the housing market in the metro Phoenix area has begun to recapture any significant level of market share versus the resale market.
New home construction by both production and custom builders has lagged the broader market. Although resales have increased in volume, new home sales in the Phoenix marketplace have improved only in certain “hotspot” areas. Accelerated recovery will be dependent upon a substantial increase in buyers choosing new builds over resale housing.